CFA ® Institute

First awarded in 1963, the Chartered Financial Analyst ® — CFA ® — charter has become
known as the gold standard of professional credentials within the global investment
community. Around the world, employers and investors recognize the CFA ® designation
as the definitive standard for measuring competence and integrity in the fields of
portfolio management and investment analysis.

“Whereas there are tens of thousands of finance degrees available around the world,
ranging from the excellent to the worthless, there is only one CFA ®, managed and examined by an American Association of Financial Professionals, the
CFA ® Institute. It used to be just an American qualification. But explosive growth has
made it, in effect, global currency.” — The Economist, Feb. 26-Mar 4, 2005

The CFA ® Program

The CFA ® Program is comprised of three levels, each culminating in an examination.
You must pass each level sequentially, and fulfill other requirements of the program,
before earning the right to use the CFA ® designation. In general, each level of the
program requires a minimum of 250 hours of preparation, although time will vary from candidate to candidate based on familiarity with the
material.

The three levels of examination verify a candidate’s ability to apply investment principles
across all areas of the investment decision-making process. And the program’s professional
conduct requirements demand that both CFA ® candidates and charter holders adhere
to the highest standards of ethical responsibility. As of June 2005, there were 76,521
members and 87,409 candidates worldwide.

The CFA ® Premium

The median compensation for an U.S.-based CFA ® charter-holder with 10+ years experience
is $48,000 higher than for someone without the CFA ® charter.